Details about Kurt Richard Brekke

Access statistics for papers by Kurt Richard Brekke.

Last updated 2025-03-14. Update your information in the RePEc Author Service.

Short-id: pbr420

Working Papers

2025

1. Competition matters: uniform vs. indication-based pricing of pharmaceuticals
   NIPE Working Papers, NIPE - Universidade do Minho
   Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2025)
2. Public coverage of dental care: universal or targeted?
   Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics
   Also in NIPE Working Papers, NIPE - Universidade do Minho (2025)

2023

3. Taking the competitor´s pill: when combination therapies enter pharmaceutical markets
   NIPE Working Papers, NIPE - Universidade do Minho
   Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2023)
4. The price of cost-effectiveness thresholds
   Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics
   Also in NIPE Working Papers, NIPE - Universidade do Minho (2022)
5. Trade, renewable energy, and market power in power markets
   NIPE Working Papers, NIPE - Universidade do Minho

2022

6. Competing with precision: incentives for developing predictive biomarker tests
   Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics
   Also in NIPE Working Papers, NIPE - Universidade do Minho (2022)
   See also Journal Article Competing with precision: incentives for developing predictive biomarker tests, Scandinavian Journal of Economics, Wiley Blackwell (2024) View citations (1) (2024)
7. Does Reference Pricing Drive Out Generic Competition in Pharmaceutical Markets? Evidence from a Policy Reform
   CESifo Working Paper Series, CESifo View citations (1)
   Also in NIPE Working Papers, NIPE - Universidade do Minho (2015) View citations (5)
   Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2015) View citations (5)

2021

8. Competition, quality and integrated health care
   NIPE Working Papers, NIPE - Universidade do Minho
   See also Journal Article Competition, quality and integrated health care, Journal of Health Economics, Elsevier (2024) View citations (1) (2024)
9. Paying for pharmaceuticals: uniform pricing versus two-part tariffs
   NIPE Working Papers, NIPE - Universidade do Minho
   See also Journal Article Paying for pharmaceuticals: uniform pricing versus two-part tariffs, Journal of Health Economics, Elsevier (2022) View citations (4) (2022)

2018

10. Hospital Competition in the National Health Service: Evidence from a Patient Choice Reform
    NIPE Working Papers, NIPE - Universidade do Minho
    Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2018)
    See also Journal Article Hospital competition in a national health service: Evidence from a patient choice reform, Journal of Health Economics, Elsevier (2021) View citations (5) (2021)
11. How does the type of remuneration affect physician behaviour? Fixed salary versus fee-for-service
    NIPE Working Papers, NIPE - Universidade do Minho

2017

12. Competition and Physician Behaviour: Does the Competitive Environment Affect the Propensity to Issue Sickness Certificates?
    CESifo Working Paper Series, CESifo View citations (8)
    See also Journal Article Competition and physician behaviour: Does the competitive environment affect the propensity to issue sickness certificates?, Journal of Health Economics, Elsevier (2019) View citations (5) (2019)
13. Competition and physician behaviour: Does the competitive environment the propensity to issue sickness certificates?
    Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics View citations (8)

2015

14. Capital taxation and imperfect competition: ACE vs. CBIT
    Working Papers, Institut d'Economia de Barcelona (IEB)
    Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2014) View citations (3)
    CESifo Working Paper Series, CESifo (2014) View citations (2)
    VfS Annual Conference 2014 (Hamburg): Evidence-based Economic Policy, Verein für Socialpolitik / German Economic Association (2014) View citations (3)
    Discussion Papers, Norwegian School of Economics, Department of Business and Management Science (2014) View citations (3)
    See also Journal Article Capital taxation and imperfect competition: ACE vs. CBIT, Journal of Public Economics, Elsevier (2017) View citations (6) (2017)
15. Do Treatment Decisions Depend on Physicians` Financial Incentives?
    NIPE Working Papers, NIPE - Universidade do Minho
    Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2015)
    See also Journal Article Do treatment decisions depend on physicians' financial incentives?, Journal of Public Economics, Elsevier (2017) View citations (18) (2017)
16. Horizontal Mergers and Product Quality
    CESifo Working Paper Series, CESifo View citations (3)
    Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2014) View citations (6)
    NIPE Working Papers, NIPE - Universidade do Minho (2014) View citations (6)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) View citations (6)
    See also Journal Article Horizontal mergers and product quality, Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons (2017) View citations (12) (2017)
17. Patient mobility and health care quality when regions and patients differ in income
    NIPE Working Papers, NIPE - Universidade do Minho
    See also Journal Article Patient mobility and health care quality when regions and patients differ in income, Journal of Health Economics, Elsevier (2016) View citations (16) (2016)
18. Price Regulation and Parallel Imports of Pharmaceuticals
    CESifo Working Paper Series, CESifo View citations (14)
    Also in NIPE Working Papers, NIPE - Universidade do Minho (2014) View citations (1)
    Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2014) View citations (1)
    See also Journal Article Price regulation and parallel imports of pharmaceuticals, Journal of Public Economics, Elsevier (2015) View citations (9) (2015)
19. Reference pricing with endogenous generic entry
    NIPE Working Papers, NIPE - Universidade do Minho View citations (6)
    Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2015) View citations (5)
    See also Journal Article Reference pricing with endogenous generic entry, Journal of Health Economics, Elsevier (2016) View citations (12) (2016)
20. Socioeconomic Status and PhysiciansíTreatment Decisions
    NIPE Working Papers, NIPE - Universidade do Minho
    Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2015)
    See also Journal Article Socio‐economic status and physicians' treatment decisions, Health Economics, John Wiley & Sons, Ltd. (2018) View citations (7) (2018)

2014

21. Can Competition Reduce Quality?
    CESifo Working Paper Series, CESifo View citations (6)
    Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2012) View citations (1)
    NIPE Working Papers, NIPE - Universidade do Minho (2012) View citations (1)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2014) View citations (6)
    See also Journal Article Can Competition Reduce Quality?, Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen (2018) View citations (3) (2018)
22. Hospital Mergers with Regulated Prices
    Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics View citations (1)
    See also Journal Article Hospital Mergers with Regulated Prices, Scandinavian Journal of Economics, Wiley Blackwell (2017) View citations (19) (2017)
23. Patient Mobility, Health Care Quality and Welfare
    CESifo Working Paper Series, CESifo View citations (26)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (2)
    Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2011) View citations (3)
    NIPE Working Papers, NIPE - Universidade do Minho (2011) View citations (3)
    See also Journal Article Patient mobility, health care quality and welfare, Journal of Economic Behavior & Organization, Elsevier (2014) View citations (23) (2014)

2013

24. Diffusion of Pharmaceuticals: Cross-Country Evidence of Anti-TNF drugs
    Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics View citations (1)
    See also Journal Article Diffusion of pharmaceuticals: cross-country evidence of anti-TNF drugs, The European Journal of Health Economics, Springer (2014) (2014)
25. Hospital Competition with Soft Budgets
    CESifo Working Paper Series, CESifo View citations (3)
    Also in Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2012) View citations (4)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2013) View citations (3)
    NIPE Working Papers, NIPE - Universidade do Minho (2012) View citations (1)
    See also Journal Article Hospital Competition with Soft Budgets, Scandinavian Journal of Economics, Wiley Blackwell (2015) View citations (19) (2015)
26. Hospital Mergers: A Spatial Competition Approach
    Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics
    Also in NIPE Working Papers, NIPE - Universidade do Minho (2013)

2012

27. Margins and Market Shares: Pharmacy Incentives for Generic Substitution
    CESifo Working Paper Series, CESifo
    Also in NIPE Working Papers, NIPE - Universidade do Minho (2010) View citations (1)
    Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2010) View citations (3)
    See also Journal Article Margins and market shares: Pharmacy incentives for generic substitution, European Economic Review, Elsevier (2013) View citations (26) (2013)

2011

28. Quality competition with profit constraints: Do non-profit firms provide higher quality than for-profit firms?
    NIPE Working Papers, NIPE - Universidade do Minho View citations (7)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (6)
    Discussion Paper Series in Economics, Norwegian School of Economics, Department of Economics (2011) View citations (6)

2010

29. Competition and Quality in Regulated Markets with Sluggish Demand
    CESifo Working Paper Series, CESifo View citations (8)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008)
30. Reference Pricing, Competition, and Pharmaceutical Expenditures: Theory and Evidence from a Natural Experiment
    CESifo Working Paper Series, CESifo View citations (5)
    See also Journal Article Reference pricing, competition, and pharmaceutical expenditures: Theory and evidence from a natural experiment, Journal of Public Economics, Elsevier (2011) View citations (69) (2011)

2009

31. Hospital Competition and Quality with Regulated Prices
    CESifo Working Paper Series, CESifo View citations (5)
    Also in NIPE Working Papers, NIPE - Universidade do Minho (2008) View citations (10)
    See also Journal Article Hospital Competition and Quality with Regulated Prices, Scandinavian Journal of Economics, Wiley Blackwell (2011) View citations (127) (2011)
32. Price and quality in spatial competition
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in NIPE Working Papers, NIPE - Universidade do Minho (2009) View citations (1)
    See also Journal Article Price and quality in spatial competition, Regional Science and Urban Economics, Elsevier (2010) View citations (60) (2010)

2008

33. Competition and Quality in Regulated Markets: a Differential-Game Approach
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    Also in Discussion Papers, Department of Economics, University of York (2008) View citations (7)
    NIPE Working Papers, NIPE - Universidade do Minho (2008) View citations (6)
34. Pharmaceutical Patents: Incentives for R&D or Marketing?
    CESifo Working Paper Series, CESifo View citations (2)
35. Regulation, generic competition and pharmaceutical prices: Theory and evidence from a natural experiment
    NIPE Working Papers, NIPE - Universidade do Minho View citations (7)

2007

36. Competition and Waiting Times in Hospital Markets
    NIPE Working Papers, NIPE - Universidade do Minho View citations (2)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations (2)
    CESifo Working Paper Series, CESifo (2007) View citations (1)
    See also Journal Article Competition and waiting times in hospital markets, Journal of Public Economics, Elsevier (2008) View citations (76) (2008)
37. Regulation and Pricing of Pharmaceuticals: Reference Pricing or Price Cap Regulation?
    CESifo Working Paper Series, CESifo View citations (10)
    Also in Working Papers in Economics, University of Bergen, Department of Economics (2006) View citations (3)
    See also Journal Article Regulation and pricing of pharmaceuticals: Reference pricing or price cap regulation?, European Economic Review, Elsevier (2009) View citations (93) (2009)

2006

38. Public versus Private Health Care in a National Health Service
    CESifo Working Paper Series, CESifo
    See also Journal Article Public versus private health care in a national health service, Health Economics, John Wiley & Sons, Ltd. (2007) View citations (45) (2007)
39. Reference Pricing of Pharmaceuticals
    CESifo Working Paper Series, CESifo View citations (7)
    Also in Working Papers in Economics, University of Bergen, Department of Economics (2005) View citations (1)
    See also Journal Article Reference pricing of pharmaceuticals, Journal of Health Economics, Elsevier (2007) View citations (70) (2007)

2005

40. Direct to Consumer Advertising in Pharmaceutical Markets
    CESifo Working Paper Series, CESifo View citations (3)
    Also in Working Papers in Economics, University of Bergen, Department of Economics (2003) View citations (3)
    Discussion Papers, Department of Economics, University of York View citations (32)
    See also Journal Article Direct to consumer advertising in pharmaceutical markets, Journal of Health Economics, Elsevier (2006) View citations (34) (2006)
41. Gatekeeping in Health Care
    CESifo Working Paper Series, CESifo View citations (2)
    Also in Royal Economic Society Annual Conference 2004, Royal Economic Society (2004) View citations (2)
    Working Papers in Economics, University of Bergen, Department of Economics (2003) View citations (2)
    See also Journal Article Gatekeeping in health care, Journal of Health Economics, Elsevier (2007) View citations (98) (2007)
42. Patents: Incentives for R&D or Marketing?
    Working Papers in Economics, University of Bergen, Department of Economics

2003

43. Private Versus Public Health Care in a National Health Service
    Royal Economic Society Annual Conference 2003, Royal Economic Society View citations (1)

2002

44. Bilateral monopolies and location choice
    Working Papers in Economics, University of Bergen, Department of Economics View citations (1)
    See also Journal Article Bilateral monopolies and location choice, Regional Science and Urban Economics, Elsevier (2004) View citations (30) (2004)
45. Quality and location choices under price regulation
    Working Papers in Economics, University of Bergen, Department of Economics View citations (1)
    Also in Discussion Papers, Research Unit: Market Processes and Governance, WZB Berlin Social Science Center (2002) View citations (5)
    See also Journal Article Quality and Location Choices under Price Regulation, Journal of Economics & Management Strategy, Wiley Blackwell (2006) View citations (117) (2006)

2000

46. Hospital Reimbursement in an Oligopolistic Industry
    Norway; Department of Economics, University of Bergen, Department of Economics, University of Bergen
47. Where are all the Physicans? Private vs. Public Health Care
    Norway; Department of Economics, University of Bergen, Department of Economics, University of Bergen View citations (3)

Journal Articles

2024

1. Competing with precision: incentives for developing predictive biomarker tests
   Scandinavian Journal of Economics, 2024, 126, (1), 60-97 View citations (1)
   See also Working Paper Competing with precision: incentives for developing predictive biomarker tests, Discussion Paper Series in Economics (2022) (2022)
2. Competition, quality and integrated health care
   Journal of Health Economics, 2024, 95, (C) View citations (1)
   See also Working Paper Competition, quality and integrated health care, NIPE Working Papers (2021) (2021)

2023

3. The price of cost-effectiveness thresholds under therapeutic competition in pharmaceutical markets
   Journal of Health Economics, 2023, 90, (C) View citations (2)

2022

4. Paying for pharmaceuticals: uniform pricing versus two-part tariffs
   Journal of Health Economics, 2022, 83, (C) View citations (4)
   See also Working Paper Paying for pharmaceuticals: uniform pricing versus two-part tariffs, NIPE Working Papers (2021) (2021)

2021

5. Hospital competition in a national health service: Evidence from a patient choice reform
   Journal of Health Economics, 2021, 79, (C) View citations (5)
   See also Working Paper Hospital Competition in the National Health Service: Evidence from a Patient Choice Reform, NIPE Working Papers (2018) (2018)

2020

6. How Does The Type of Remuneration Affect Physician Behavior?
   American Journal of Health Economics, 2020, 6, (1), 104 - 138 View citations (5)

2019

7. Competition and physician behaviour: Does the competitive environment affect the propensity to issue sickness certificates?
   Journal of Health Economics, 2019, 66, (C), 117-135 View citations (5)
   See also Working Paper Competition and Physician Behaviour: Does the Competitive Environment Affect the Propensity to Issue Sickness Certificates?, CESifo Working Paper Series (2017) View citations (8) (2017)

2018

8. Can Competition Reduce Quality?
   Journal of Institutional and Theoretical Economics (JITE), 2018, 174, (3), 421-447 View citations (3)
   See also Working Paper Can Competition Reduce Quality?, CESifo Working Paper Series (2014) View citations (6) (2014)
9. Socio‐economic status and physicians' treatment decisions
   Health Economics, 2018, 27, (3), e77-e89 View citations (7)
   See also Working Paper Socioeconomic Status and PhysiciansíTreatment Decisions, NIPE Working Papers (2015) (2015)

2017

10. Capital taxation and imperfect competition: ACE vs. CBIT
    Journal of Public Economics, 2017, 147, (C), 1-15 View citations (6)
    See also Working Paper Capital taxation and imperfect competition: ACE vs. CBIT, Working Papers (2015) (2015)
11. Competition policy for health care provision in Norway
    Health Policy, 2017, 121, (2), 134-140 View citations (5)
12. Do treatment decisions depend on physicians' financial incentives?
    Journal of Public Economics, 2017, 155, (C), 74-92 View citations (18)
    See also Working Paper Do Treatment Decisions Depend on Physicians` Financial Incentives?, NIPE Working Papers (2015) (2015)
13. Horizontal mergers and product quality
    Canadian Journal of Economics/Revue canadienne d'économique, 2017, 50, (4), 1063-1103 View citations (12)
    Also in Canadian Journal of Economics, 2017, 50, (4), 1063-1103 (2017) View citations (15)
    See also Working Paper Horizontal Mergers and Product Quality, CESifo Working Paper Series (2015) View citations (3) (2015)
14. Hospital Mergers with Regulated Prices
    Scandinavian Journal of Economics, 2017, 119, (3), 597-627 View citations (19)
    See also Working Paper Hospital Mergers with Regulated Prices, Discussion Paper Series in Economics (2014) View citations (1) (2014)

2016

15. Patient mobility and health care quality when regions and patients differ in income
    Journal of Health Economics, 2016, 50, (C), 372-387 View citations (16)
    See also Working Paper Patient mobility and health care quality when regions and patients differ in income, NIPE Working Papers (2015) (2015)
16. Reference pricing with endogenous generic entry
    Journal of Health Economics, 2016, 50, (C), 312-329 View citations (12)
    See also Working Paper Reference pricing with endogenous generic entry, NIPE Working Papers (2015) View citations (6) (2015)

2015

17. Hospital Competition with Soft Budgets
    Scandinavian Journal of Economics, 2015, 117, (3), 1019-1048 View citations (19)
    See also Working Paper Hospital Competition with Soft Budgets, CESifo Working Paper Series (2013) View citations (3) (2013)
18. Price regulation and parallel imports of pharmaceuticals
    Journal of Public Economics, 2015, 129, (C), 92-105 View citations (9)
    See also Working Paper Price Regulation and Parallel Imports of Pharmaceuticals, CESifo Working Paper Series (2015) View citations (14) (2015)

2014

19. Diffusion of pharmaceuticals: cross-country evidence of anti-TNF drugs
    The European Journal of Health Economics, 2014, 15, (9), 937-951
    See also Working Paper Diffusion of Pharmaceuticals: Cross-Country Evidence of Anti-TNF drugs, Discussion Paper Series in Economics (2013) View citations (1) (2013)
20. Patient mobility, health care quality and welfare
    Journal of Economic Behavior & Organization, 2014, 105, (C), 140-157 View citations (23)
    See also Working Paper Patient Mobility, Health Care Quality and Welfare, CESifo Working Paper Series (2014) View citations (26) (2014)

2013

21. Margins and market shares: Pharmacy incentives for generic substitution
    European Economic Review, 2013, 61, (C), 116-131 View citations (26)
    See also Working Paper Margins and Market Shares: Pharmacy Incentives for Generic Substitution, CESifo Working Paper Series (2012) (2012)

2012

22. Competition in Regulated Markets with Sluggish Beliefs about Quality
    Journal of Economics & Management Strategy, 2012, 21, (1), 131-178 View citations (37)
23. Quality competition with profit constraints
    Journal of Economic Behavior & Organization, 2012, 84, (2), 642-659 View citations (87)

2011

24. Hospital Competition and Quality with Regulated Prices
    Scandinavian Journal of Economics, 2011, 113, (2), 444-469 View citations (127)
    See also Working Paper Hospital Competition and Quality with Regulated Prices, CESifo Working Paper Series (2009) View citations (5) (2009)
25. Reference pricing, competition, and pharmaceutical expenditures: Theory and evidence from a natural experiment
    Journal of Public Economics, 2011, 95, (7), 624-638 View citations (69)
    Also in Journal of Public Economics, 2011, 95, (7-8), 624-638 (2011) View citations (65)
    See also Working Paper Reference Pricing, Competition, and Pharmaceutical Expenditures: Theory and Evidence from a Natural Experiment, CESifo Working Paper Series (2010) View citations (5) (2010)

2010

26. Competition and quality in health care markets: A differential-game approach
    Journal of Health Economics, 2010, 29, (4), 508-523 View citations (34)
27. Price and quality in spatial competition
    Regional Science and Urban Economics, 2010, 40, (6), 471-480 View citations (60)
    See also Working Paper Price and quality in spatial competition, CEPR Discussion Papers (2009) View citations (1) (2009)

2009

28. Pharmaceutical Patents: Incentives for Research and Development or Marketing?
    Southern Economic Journal, 2009, 76, (2), 351-374
29. Regulation and pricing of pharmaceuticals: Reference pricing or price cap regulation?
    European Economic Review, 2009, 53, (2), 170-185 View citations (93)
    See also Working Paper Regulation and Pricing of Pharmaceuticals: Reference Pricing or Price Cap Regulation?, CESifo Working Paper Series (2007) View citations (10) (2007)

2008

30. Competition and waiting times in hospital markets
    Journal of Public Economics, 2008, 92, (7), 1607-1628 View citations (76)
    See also Working Paper Competition and Waiting Times in Hospital Markets, NIPE Working Papers (2007) View citations (2) (2007)

2007

31. Gatekeeping in health care
    Journal of Health Economics, 2007, 26, (1), 149-170 View citations (98)
    See also Working Paper Gatekeeping in Health Care, CESifo Working Paper Series (2005) View citations (2) (2005)
32. Public versus private health care in a national health service
    Health Economics, 2007, 16, (6), 579-601 View citations (45)
    See also Working Paper Public versus Private Health Care in a National Health Service, CESifo Working Paper Series (2006) (2006)
33. Reference pricing of pharmaceuticals
    Journal of Health Economics, 2007, 26, (3), 613-642 View citations (70)
    See also Working Paper Reference Pricing of Pharmaceuticals, CESifo Working Paper Series (2006) View citations (7) (2006)

2006

34. Direct to consumer advertising in pharmaceutical markets
    Journal of Health Economics, 2006, 25, (1), 102-130 View citations (34)
    See also Working Paper Direct to Consumer Advertising in Pharmaceutical Markets, CESifo Working Paper Series (2005) View citations (3) (2005)
35. Quality and Location Choices under Price Regulation
    Journal of Economics & Management Strategy, 2006, 15, (1), 207-227 View citations (117)
    See also Working Paper Quality and location choices under price regulation, Working Papers in Economics (2002) View citations (1) (2002)

2004

36. Bilateral monopolies and location choice
    Regional Science and Urban Economics, 2004, 34, (3), 275-288 View citations (30)
    See also Working Paper Bilateral monopolies and location choice, Working Papers in Economics (2002) View citations (1) (2002)
37. Competition or Coordination in Hospital Markets with Unionised Labour
    International Journal of Health Economics and Management, 2004, 4, (1), 65-89 View citations (29)

Chapters

2014

1. Patient Choice, Mobility and Competition Among Health Care Providers
   Springer View citations (54)